When performing market research, social listening can deliver profound insight. Establishing, monitoring, and nurturing online interactions allows your startup to collect the honest, straightforward opinion of the consumer audience. The fact of the matter is that it’s not only your fans you want to hear from.
Even if you aren’t putting out a message, the first thing that you can do with social media is find out and understand why people like or dislike your brand. This is like having a focus group. You actually get to see the reality of what people think about you. – Daymond John
The Decline of Traditional Research Methods
The top research executive at Procter & Gamble Co. – likely the world’s biggest research buyer – said he expects “surveys will significantly decline in importance.” Furthermore, he recognizes the rise of social media as the major contributor to the decline of traditional surveying methods. The Executive VP-Chief Marketing and Commercial Officer of Coca-Cola Co. echoed similar sentiments, suggesting that he would like to “do away with counting impressions in marketing in favor of counting ‘expressions’ from consumers.”
Social listening strategies have already begun to replace some traditional market research methods, such as surveying and focus groups. Researchers are recognizing that there are several other, more effective methods – like consumer engagement on blogs and social media posts, for the audience to convey their positive or negative sentiments to a company or organization.
… do away with counting impressions in marketing in favor of counting ‘expressions’ from consumers. – Joe Tripodi, Executive VP-Chief Marketing and Commercial Officer of Coca-Cola Co.
Social Media Versus Traditional Research Outlets
The widespread adoption of social media makes it possible to conduct market research within a focused audience, that is many times larger than most any other marketing or media source can deliver. Thanks to an abundant supply of entertaining and informative social media content posted day-in-and-day-out, consumers are constantly interacting, engaging, and participating in online conversations. This improves the likelihood of collecting useful, accurate, and genuine information from your market research efforts.
One of the biggest challenges facing traditional market research methods is that their success is determined by the queries they pose to focus group or survey participants. To obtain the valuable information needed, market researchers must carefully formulate questions to ask their audience members. In contrast, given the inherent interactive nature of social media platforms, information is collected through passive, unintrusive observation of community engagement.
Social Listening Delivers Valuable Insight
In the past decade, major brands have begun to realize that monitoring social media is a cost-effective strategy for gaining insights into their customers, marketplace, brand appearance, and many other important aspects.
I would gladly pay a lot more money to our agency partners in the research area if they delivered for us that game-changing insight … Absolutely, where do I sign up? – Joe Tripodi, Executive VP-Chief Marketing and Commercial Officer of Coca-Cola Co.
There are similar opportunities for startups to use social listening to improve their understanding of consumer behavior and expectations. Startup companies who choose to monitor social media will gain deeper, more authentic insight, and be better equipped to communicate a powerful, targeted message to their audience.
